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UK lawmaker laments lack of chief regulator

Central Banking staff

26 Feb 2008

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John McFall, chairman of the Treasury Select Committee which published its comprehensive report on the Northern Rock crisis at the end of February, reiterated his suggestion that the lack of a central figure in charge of Britain's tripartite regulatory system played a major role in the crisis that first beset the bank last September.

At a meeting in the City of London organised by the Centre for the Study of Financial Innovation, he reiterated his calls for the creation of a new post of deputy